Training Objectives
- The course aims to provide an intensive training program that will serve all accounting professionals working in the Public Sector Entities, subsidiaries, and non-profit enterprises transferring from Cash to Accrual Accounting basis as per Vision 2030 and in compliance with International Public Sector Accounting Standards (IPSAS).
Training Methodology & Qualified Trainers
- The intensive training program of IPSAS has been developed by using innovative tools and customizing the content to meet the learning expectations of the training audience. The course will assist the different levels of accounting professional working in Governmental entities in understanding, examining the requirements, and applying the International Public Sector Accounting Standards. Training audience should be able to provide sufficient and reliable information to the users of financial statements, and verifying the objectives and financial reports.
- The training course is provided by leading expert specialists. Al Rikaz trainers are the center of our business, so they provide exceptional services to our clients which helps to achieve our purpose in providing effective training services that reflect on a better performance in the everyday business.
This Training is Designed for Professionals already Working in the Financial/ Accounting field such as
- Accountants and employees working in the financial field at all levels and participating in the financial statements’ preparation.
- Trainers who would like to expand their knowledge of the IPSAS standards.
- Fresh graduates in accounting and finance who aim to work in public sector entities.
- Professionals aim to implement and maintain the International Public Sector Accounting Standards
- Internal auditors and consultants dealing with financial reports.
IPSAS Objectives
- Al-Rikaz Training Solutions clarifies the objectives of the International Public Sector Accounting Standards in enabling the worldwide public sector entities to understand and apply these standards in order to prepare high quality and transparent financial reports summarizing public financial position and activity; by applying a set of principles, concepts, treatments, policies and accounting procedures used in preparing and recording transactions of issuing financial reports.
The Role of International Public Sector Accounting Standards in Implementing the Transition to Accrual Accounting
- Accounting Standards play a relevant role in the fields of investing, planning and following-up of economic activity in the Kingdom of Saudi Arabia, and focus on regulating practices to achieve public benefit by providing appropriate information regarding uses and sources of funds.
- It is highly important because it achieves one of the pillars of the strategy of the Ministry of Finance: Improving the quality of financial practice and enhancing transparency within the initiatives of the Financial Balance Program included in Vision 2030. The transition to accrual accounting basis is essential to the development of Public Financial Management.
Objectives of the Transition to Accrual Accounting
- Provide a better knowledge required for the identification, recognition, and measurement of the Kingdom assets, liabilities, and expenses.
- Compare the budget with the actual figures of the public sector.
- Provide the necessary information to take strategic decisions in terms of controlling, rationalizing and managing financial performance.
- Assure transparency and report accurate and complete balances of assets, liabilities, revenues, and expenses.
- Provide financial and statistical reports, as well as complete and accurate information on the financial position, financial performance and cash flows for the Kingdom public sector entities.
- Enable international organizations to measure the credit rating of the Kingdom accurately; based on the financial data prepared in accordance with international standards
The Impact of the Transition to Accrual Basis
The transition from cash to accrual basis is important for the improvement of the performance of the financial management from the following aspects:
- Improve the quality of accounts.
- Display and provide information in an integrated manner.
- Develop and compare policies and performance indicators related to financial decision-making.
- Diversify financial reports between administrative and statistical data.
- Inventory measurement of all assets and liabilities of the public sector entities.
Benefits of Reports and Financial Statements Prepared on an Accrual Basis and in Compliance with International Public Sector Accounting Standards.
Financial statements aim to provide useful and accurate information to assist in decision-making and improve performance through providing:
- Information about the sources, distribution, and uses of financial resources.
- Information on the ways subsidiaries finance their activities and meet their cash requirements.
- Information allowing to evaluate the ability of subsidiaries to finance their activities and meet their obligations and commitments.
- Information about the financial position of subsidiaries and changes therein.
- Aggregate and useful information in evaluating the performance of subsidiaries regarding service costs, efficiency and achievements.
The Transition Phases from Cash to Accrual
- Examining the current situation and estimating the readiness of government agencies.
- Setting a transition plan and identifying the main markings of the shift to guarantee a realistic and implementable procedure.
- Preparing and equipping with government agencies and starting to implement the plan on all entities and accounting systems in order to apply the accrual basis and the financial and accounting work policies that are commensurate with the entity’s nature.
- Empowering the entities before the actual release.
- Verifying the application of accrual accounting to all government agencies and employees.
The Intensive Training Includes the Following Topics:
- A framework for the concepts of financial reports for general purposes by public sector entities.
- Introduction to International Public Sector Accounting Standards.
- International Public Sector Accounting Standard No. (1): Presentation of Financial Statements.
- International Public Sector Accounting Standard No. (2): Cash Flow Statements.
- International Public Sector Accounting Standard No. (3): Accounting Policies, Changes in Accounting Estimates and Errors.
- International Public Sector Accounting Standard No. (4): The Effects of Changes in Foreign Exchange Rates.
- International Public Sector Accounting Standard No. (5): Borrowing Costs.
- International Public Sector Accounting Standard No. (9): Revenue from exchange transactions.
- International Public Sector Accounting Standard No. (10): Financial Reporting in Hyperinflationary Economies.
- International Public Sector Accounting Standard No. (11): Construction contracts.
- International Public Sector Accounting Standard No. (12): Inventories.
- International Public Sector Accounting Standard No. (13): Leases.
- International Public Sector Accounting Standard No. (14): Events after the reporting date.
- International Public Sector Accounting Standard No. (16): Investment property.
- International Public Sector Accounting Standard No. (17): Property, Plant and Equipment.
- International Public Sector Accounting Standard No. (18): Segment reporting.
- International Public Sector Accounting Standard No. (19): Provisions, Contingent Liabilities and Contingent Assets.
- International Public Sector Accounting Standard No. (20): Related Parties Disclosures.
- International Public Sector Accounting Standard No. (21): Impairment of Non-Cash-Generating Assets.
- International Public Sector Accounting Standard No. (22): Disclosure of Financial Information About the General Government Sector.
- International Public Sector Accounting Standard No. (23): Revenue from Non-Exchange Transactions (Taxes and Transfers).
- International Public Sector Accounting Standard No. (24): Presentation of Budget Information in Financial Statements.
- International Public Sector Accounting Standard No. (26): Impairment of Cash-Generating Assets.
- International Public Sector Accounting Standard No. (27): Agriculture.
- International Public Sector Accounting Standard No. (28): Financial Instruments: Presentation.
- International Public Sector Accounting Standard No. (29): Financial Instruments: Recognition and Measurement.
- International Public Sector Accounting Standard No. (30): Financial Instruments: Disclosures.
- International Public Sector Accounting Standard No. (31): Intangible Assets.
- International Public Sector Accounting Standard No. (32): Service Concession Arrangements: Grantor.
- International Public Sector Accounting Standard No. (33): First-time Adoption of Accrual Basis IPSAS.
- International Public Sector Accounting Standard No. (34): Separate Financial Statements.
- International Public Sector Accounting Standard No. (35): Consolidated Financial Statements.
- International Public Sector Accounting Standard No. (36): Investments in Associates and Joint Ventures.
- International Public Sector Accounting Standard No. (37): Joint Arrangements.
- International Public Sector Accounting Standard No. (38): Disclosure of Shares in Other Entities.
- International Public Sector Accounting Standard No. (39): Employees Benefits.
- International Public Sector Accounting Standard (40): Public Sector Combinations.
- International Public Sector Accounting Standard (41): Financial Instruments.
- International Public Sector Accounting Standard (42): Social Benefits.
About Al-Rikaz Training Center
We provide training courses for all establishments and sectors related to financial reports, accounting standards, Zakat and Tax. Furthermore, we have leading expert specialists who are ready to help you understand Tax and Zakat analysis and studies.
Al-Rikaz Solutions Training Courses
Al-Rikaz Training Solutions offers several training courses covering the following exercises:
1. Financial reporting training
- Simplify accounting information to help accountants gather the information they need without misrepresenting the data.
- Assist in clarifying cash flows and financial statements.
- Use accounting standards to reduce fraud and data manipulation.
- Train users to use and compare financial statements over different years to make the right decision about their financial position.
2. Zakat and Tax training
Our training based on Zakat and Tax aims to clarify the following main themes:
- Income tax system.
- Selective tax.
- The conceptual framework of Zakat and Tax.
- Value added tax.
- The General Authority for Income and Zakat (GAZT).
- Relevant rules, regulations and decisions.
- Taxable entities.
- Accounting entries.
- Practical application of tax return.
Along your side
Discover more about Al-Rikaz Solutions Training services in the governmental and private sectors and its training courses in taxation, banking, financial and economic management, legal field, value-added tax and other courses and consultations provided by experts and approved by the General Authority for Zakat and Taxes in the Kingdom of Saudi Arabia.